Bitcoin Approaches Key Resistance: Are We on the Verge of a Breakout?

Bitcoin is edging closer to significant resistance, currently trading around $110,800. Analysts are observing a potential ascending triangle pattern suggesting a continuation of upward movement if the breakout occurs.

Key Resistance Level Approaching

As depicted in a daily chart shared by Rekt Capital, there’s a bullish trendline forming with resistance veins around the $110,800 mark. This setup, characterized by several higher lows, reflects a stable demand for Bitcoin.

Rekt Capital Analysis

“A daily close above ~$110.8K followed by a post-breakout retest of the top of the pattern would fully confirm the breakout.”

— Rekt Capital
(Translation: A daily close above ~$110.8K followed by a post-breakout retest of the upper part of the pattern would completely confirm the breakout.)

Support is currently around $107,000, with further resistance identified at $114,420 and the previous peak at $123,500. Bitcoin is also nearing the 21-week EMA, which is approximately at $111,000. Reclaiming this level could facilitate further price increases.

Valuation Metrics Indicate Current Price Range

According to analysis from Gandalfcrypto, Bitcoin is trading nearly 10% above what he estimates as a fair non-bubble value of $99,900. He highlighted that:

“Real euphoria starts when BTC breaks the non-bubble upper (~$149K) and trends toward the bubble zone ($290K+).”

— Gandalfcrypto
(Translation: Actual excitement begins when Bitcoin surpasses the non-bubble upper limit (~$149K) and heads toward the bubble range ($290K+).
The market currently seems stable, showing no signs of extreme price actions.

Overall, as Bitcoin’s trajectories remain influenced by external factors, including geopolitical dialogues around trade tariffs and the upcoming US CPI data release, traders are advised to stay vigilant for any notable movements.